This person doesn't even understand what a student loan is. It's not issued by the treasury. It's issued by a private bank and the government pays the interest. When a loan gets cancelled, the bank writes it off and gets a tax break (reducing tax revenue) and so it's passed on directly to the taxpayer.

18% of Americans have student debt. Over 2/3rds have less than $20k of student loans (that's a Honda Civic worth of debt). Forgiving student debt would be the largest transfer of money from the poor to the middle class in recent history.